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35th GST Council Meeting: Major Key Takeaways

35th GST Council Meeting: Major Key Takeaways

Today, under the chairpersonship of Finance Minister Nirmala Sitharaman, GST council met for the first time in Modi 2.0 Government.

In its 35th overall meeting, the GST council announced bonanza for the taxpayers by extending the due date of filing GST annual return. Here are the key takeaways from the meeting –

Due date of GST annual return extended

The GST council relieved the taxpayers by extending the due date of filing GST annual return for FY 2017-18 to August 30, 2019. Since there are many issues still unanswered, this decision will help the taxpayers to prepare and file the return accurately.

Find a chartered accountant on Wizcounsel who can assist you in filing the GST return online.

Businesses can verify themselves using Aadhar

To ease down the registration process, the GST council has allowed the businesses to register under GST using Aadhar number. Earlier, the businesses had to upload proof of identity, proof of address and other documents. But, now they can apply for GST number using the Aadhar card only.

35th GST Council Meeting: Major Key Takeaways

GST cut down proposed on electric vehicles

The GST council has proposed to slash the GST rate on Electric Vehicles from 12% to 5% and has sent the proposal to Fitment Committee for its review.

Further, the Fitment Committee will also review the rate of the electric charger which has been proposed to bring down to 12% from earlier 18%.

To get a better understanding of GST, read WizCounsel’s blog by clicking here.

New GST return filing system from January 1, 2020

The easier, one-form GST return filing system will be introduced from the new year i.e. January 1, 2020.

Tenure of anti-profiteering authority extended

The GST council has extended the tenure of anti-profiteering authority for another 2 years i.e. until November 30, 2021.

Also, entities not passing on the benefits arising due to reduced GST rates to their customers will have to penalty upto 10 percent, if they don’t return the profiteered amount within 30 days.

The businesses are required to either pay back the profiteered amount to customers or deposit the money in consumers’ welfare funds.

E-invoicing model approved

E-invoicing, which is considered to be a masterstroke to put brakes on tax evasion, has been approved by the GST Council.

Further, e-ticketing has been made mandatory for the multiplexes. Earlier, the multiplexes would issue hand-written tickets due to which it was becoming difficult for the tax authorities to calculate the total sales.

WizCounsel helps you find & hire GST Experts for GST Registration, GST Return Filing and GST Compliance according to your budget.

 

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